Growing your savings is easy with pre-authorized contributions. Automatically and regularly deduct a specified amount of money from your chequing or savings account and deposit it directly into your Scotia RSP or RESP (or, also if you prefer, into your non-registered account). It' s painless.
You can contribute to your savings as often as you like. With pre-authorized contributions, you can build the foundations for your retirement without hampering your regular financial commitments. The Benefits of Pre-Authorized Contributions:- Compound savings. Watch your savings grow more quickly with ongoing contributions.
- Avoid the last-minute scramble. Don' t miss-out on maximizing your annual contributions. Make regular contributions.
- The bottom line. Consider this - with a $250.00 monthly contribution, your RSP could grow to over $212,218 in 25 years (assuming a 7.5% compound annual rate of return over the period in a diversified portfolio).
- Pay less tax now! Rather than waiting for your tax refund, you can simply notify Revenue Canada of your regular contributions so they can instruct your employer to deduct less income tax from each paycheque. Pick up a Tax Deduction Waiver from your local tax office or your Scotiabank branch.
- There's Nothing Average about Dollar Cost Averaging. When the unit price of a fund is lower, your money buys more units. When the unit price is higher, it buys fewer units. By investing a fixed amount on a regular basis, you can effectively lower the average cost of your investments versus lump sum investing.
Your target savings could be simply one hour of your pay each day. If that's too much at this time, start small, say $25 a paycheque, and work up from there. Try our Future Value Calculator to see how easy it is to save automatically. Once you see how easy it is, you can consider increasing your savings amount gradually over time.
You Can Set-up a Pre-Authorized Contribution:- online with Scotia OnLine.
- at your local Scotiabank branch.
- OR by phone and for more information, call one of our Personal Investment Advisors at 1-800-953-7441.
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